Allocative efficiency involves determining:
A. which output mix will result in the most rapid rate of economic growth.
B. which production possibilities curve reflects the lowest opportunity costs.
C. the mix of output that will maximize society's satisfaction.
D. the optimal rate of technological progress.
Answer: C
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The above table has data from the nation of Atlantica. Based on these data, what is marginal propensity to consume?
A) 1.50 B) 1.00 C) 1.33 D) 0.50 E) 0.75
A scatter diagram plots the value of one economic variable against time
Indicate whether the statement is true or false
Continued U.S. economic growth requires little institutional and technological change
Indicate whether the statement is true or false
If a tax takes a smaller fraction of income as income rises, it is
a. proportional. b. regressive. c. progressive. d. based on the ability-to-pay principle.